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155 Ergebnisse, ab 21
DIW Roundup 122 / 2018

Regulatory Differences and International Financial Integration

The Capital Markets Union (CMU) – an initiative of the European Commission – aims to unify and deepen capital markets across EU Member States by removing existing barriers to cross-border investment and, in particular, harmonizing financial and business regulations. However, harmonizing institutional frameworks across the EU Member States that historically have different legal traditions is difficult ...

2018| Tatsiana Kliatskova
DIW Roundup 121 / 2018

The Macroeconomic Effects of Exchange Rate Movements

The macroeconomic effects of exchange rate movements have been subject to an extensive debate in international economics. Traditionally, much of the discussion was focused on the relation between the effective exchange rate and the trade balance. However, the process of financial globalization has led to a sharp increase in foreign asset and liability positions across countries and also to a greater ...

2018| Pablo Anaya, Stefan Hasenclever
DIW Roundup 120 / 2018

What Determines the Costs of Fiscal Consolidations?

Recent studies have proposed several factors that determine how fiscal consolidations affect the economy. This Roundup focuses on several of these determinants. Namely, it discusses how the composition of the consolidation measure, the state of the business cycle, the level of private indebtedness and the amount of fiscal stress during which the measure is implemented influences the consequences of ...

2018| Mathias Klein
DIW Roundup 119 / 2018

Monetary Policy Normalization in the Euro Area

The ECB announced in October 2018 that it would begin to cut back the amount of monthly asset purchases starting January 2018 while extending the duration of the purchases until at least September 2018. At it latest Governor’s Council meeting in January 2019 it decided to remain on this track despite a sharp appreciation of the euro in the meanwhile. These steps were just two on a longer and potentially ...

2018| Daniel Privitera, Malte Rieth
DIW Roundup 118 / 2017

Wie beeinflussen Wehrdienstregelungen die Arbeitsmarkt- und Bildungsentscheidungen der Betroffenen? Ökonomische Evidenz zu einem nach wie vor wichtigen Thema

Weltweit wird die Wehrpflicht in etwa 60 Ländern praktiziert. Die Dauer des Wehrdienstes, definiert als die Ausübung eines gesetzlich verpflichtenden Dienstes in den Streitkräften eines Staates, variiert je nach Land. und beträgt in den meisten europäischen Ländern weniger als ein Jahr. In Ländern mit angespannter Sicherheitslage kann der Wehrdienst jedoch deutlich länger dauern, wie z.B. in Südkorea ...

2017| Maximilian Bach
DIW Roundup 117 / 2017

International Investments and Current Account Imbalances: The Importance of Valuation Changes

Global capital flows have strongly increased from the 1980s until the outbreak of the financial crisis. As a result of this development, Germany's foreign investment has risen to around 250 percent of gross domestic product while foreign investments in Germany have increased to about 200 percent of Germany’s gross domestic product. This positive difference between Germany’s assets and liabilities is ...

2017| Guido Baldi, Björn Bremer, Thore Schlaak
DIW Roundup 117 / 2017

Internationale Investitionen und Leistungsbilanzungleichgewichte: Die Bedeutung von Wertschwankungen

Finanzkrise stark gestiegen. Im Zuge dessen sind etwa die Auslandsinvestitionen Deutschlands auf rund 250 Prozent in Relation zum Bruttoinlandsprodukt, die Investitionen des Auslands in Deutschland auf etwa 200 Prozent gestiegen. Diese positive Differenz ist eine Folge der kontinuierlichen Leistungsbilanzüberschüsse Deutschlands, welche die Nettofinanzflüsse abbilden – also die Differenz zwischen Ab- ...

2017| Guido Baldi, Björn Bremer, Thore Schlaak
DIW Roundup 116 / 2017

Capital Market Integration and Macroeconomic Stability

After the establishment of the Banking Union, the European Commission is working on measures to foster capital market deepening in Europe. Key goals for a European Capital Markets Union are to provide firms with alternative funding sources to bank credit and to make economies more resilient to local shocks through better international risk sharing. While open capital markets can improve portfolio diversification, ...

2017| Franziska Bremus, Ruth Stelten
DIW Roundup 115 / 2017

The Use of Financial Market Variables in Forecasting

Financial market indicators can provide valuable information for forecasting macroeconomic developments. In response to the global financial crisis of 2007/2008, the role of financial variables for forecasting has been revisited, and new empirical and theoretical forecasting methods able to explicitly incorporate financial market information have been developed. This roundup discusses characteristics ...

2017| Stefan Gebauer
DIW Roundup 114 / 2017

Microenterprises in Developing Countries: Is there Growth Potential?

Microenterprises account for a large fraction of employment in developing countries and they are likely to increase in importance in the future. In Sub-Saharan Africa, for example, around 8 million additional jobs need to be created annually in order to cope with the increasing number of new entrants into the labour market (The World Bank, 2013). As microenterprises typically only provide subsistence ...

2017| Helke Seitz
DIW Roundup 113 / 2017

Does More Education Protect against Mental Health Problems?

Mental health conditions are a leading cause of disability-adjusted life years (DALYs) and health costs worldwide: They account for 199 million DALYs or 37 percent of healthy life years lost from non-communicable diseases. The sum of direct and indirect costs worldwide were estimated to amount to 2.5 trillion US dollars in 2010 and projected to increase to 6 trillion US dollars in 2030 (Bloom et al., ...

2017| Daniel Graeber
DIW Roundup 112 / 2017

Effizienzanalysen frühkindlicher Bildungs- und Betreuungsangebote: Mehr differenzierte Analysen für Deutschland erforderlich

Vor dem Hintergrund knapper öffentlicher Ressourcen bilden Effizienzanalysen ein zentrales Instrument im Prozess der politischen Entscheidungsfindung. Durch die Gegenüberstellung von Kosten und Nutzen können sie die Frage beantworten, ob und in welche frühkindlichen Bildungs- und Betreuungsangebote investiert werden sollte. Dieser Roundup zeigt methodische Herausforderungen auf und gibt einen Überblick ...

2017| Sophia Schmitz, Antonia Kröger
DIW Roundup 111 / 2017

Wind Power: Mitigated and Imposed External Costs and Other Indirect Economic Effects

Since the 1990s, (onshore) wind power has become an important technology for electricity generation throughout the world. The economic rationale is the mitigation of negative externalities of conventional technologies, in particular emissions from fossil fuel combustion. However, wind power itself is not free of externalities. Wind turbines are alleged visual and noise impacts as well as threats to ...

2017| Alexander Zerrahn
DIW Roundup 110 / 2017

The Natural Rate of Interest and Secular Stagnation

In many advanced economies, there has been a declining trend in interest rates over the past thirty years. Since the financial crisis, interest rates have remained particularly low. Though a decrease in inflation explains part of the fall in nominal interest rates, there is also a clear downtrend in real interest rates. Against this backdrop, a debate has emerged over the factors that might have contributed ...

2017| Guido Baldi, Patrick Harms
DIW Roundup 109 / 2017

The Natural Rate of Interest II: Empirical Overview

The concept of the natural rate of interest (NRI) dates back to Wicksell (1898) and has since then been highly debated in the economic literature. In practice, estimates of the NRI can be employed as a versatile tool for macroeconomic analysis and are a core element within the popular neo-Wicksellian (or New-Keynesian) framework. The real rate gap, i.e. the difference between the actual interest rate ...

2017| Dmitry Chervyakov, Philipp König
DIW Roundup 108 / 2017

The Natural Rate of Interest I: Theory

The term natural (or neutral) real interest rate refers to the equilibrium value of the real interest rate. As this equilibrium is usually conceived as a situation where inflationary or deflationary pressures have abated, the natural real interest rate is a key concept for central banks seeking to stabilize the general price level or targeting the rate of inflation. The present roundup provides a brief ...

2017| Philipp König, Dmitry Chervyakov
DIW Roundup 107 / 2017

The Inflation Targeting Debate

Inflation targeting has become one of the most prominent monetary regimes around the globe. Proponents argue that it reduces the dynamic inconsistency problem of monetary policy and thereby stabilises prices, which in turn promotes growth. Opponents, on the other hand, say that by focusing on price stability inflation targeting neglects other important policy objectives, such as financial stability, ...

2017| Malte Rieth
DIW Roundup 106 / 2017

Arbeitszeitwünsche von Beschäftigten: eine Black Box? Zu Unschärfen der Ermittlung von Unter- und Überbeschäftigung

Wie viel Zeit Menschen in ihre Erwerbsarbeit investieren wollen, können und müssen ist nicht nur für den Einzelnen, sondern auch für eine Ökonomie als Ganzes von zentraler Bedeutung. Doch je nach Studie und zugrundeliegendem Datensatz ergibt sich ein heterogenes Bild zur Über- und Unterbeschäftigung in Deutschland. Diesem Phänomen und seinen Ursachen geht der nachfolgende Bericht nach.

2017| Elke Holst, Julia Bringmann
DIW Roundup 105 / 2016

Wie beeinflusst der Besuch einer Kindertageseinrichtung nicht-kognitive Fähigkeiten?

Kindertageseinrichtungen sollen als Ort der frühkindlichen Bildung die Entwicklung und Fähigkeiten von Kindern fördern. Die frühe Bildung ist besonders wichtig, da sich viele Fähigkeiten früh im Lebensverlauf herausbilden. Außerdem erleichtern früh erworbene Fähigkeiten den weiteren Erwerb von Fähigkeiten und beeinflussen somit die gesamte Bildungsbiografie. Die ökonomische Forschung unterscheidet ...

2016| Georg F. Camehl
DIW Roundup 104 / 2016

Tax Evasion and the Impact of International Regulation: A Summary of Empirical Results

While combating tax evasion ranks highly on the international policy agenda and journalists are covering leak after leak, the economics profession at large has somewhat neglected the subject until recently. In the last years, however, a combination of better international financial data and ingenious identification strategies in several pioneering studies has made the subject popular in empirical economics. ...

2016| Jakob Miethe, Helge Niesytka
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